Received a k3 - do I need to amend?

Probably not. I will page @Mike9241 for this.

i don't know what type of partnership you have or your ownership %.  Generally, most of the k-3 info is for a US individual to complete a foreign partnership return form 8865.  Generally, these are taxpayers that have 10% or more interest in a foreign partnership. my guess is that it's unlikely that a Turbotax user would be subject to such a filing. they would be using a professional firm because in such cases there may be additional forms that have to be filed that Turbotax does not handle.  

you'll notice that while the k-3 is about 20 pages most of it is for the 8865. Turbotax can handle only some of the items A through R and many don't flow to any other form or schedule 

i can't see what's on your K-3 but if it's reporting only US source income, then  after you enter what you can you will find nothing additional in your return

from my perspective, you should amend if you got any foreign tax credit (that would have shown on line 21 of the k-1). this is just playing it safe. For me, if nothing changes on the amended return which in many cases will be exactly what happens, I'm not filing it. 

then you would need to complete the k-3  lines A, C, I, J, and P or Q. you would also have to complete the additional foreign tax info section so form 1116 can be completed if you are taking the Foreign Tax Credit.

Amounts on other lines A to R go nowhere, 

 

 

 

 

Thank you for the information. I only have a small percentage of the partnership, definitely not over 10%. The income is all US source income and line 21 on my k-1 is blank.

 

I tried to go amend the return to see if anything changes but I don't even see a place to enter the k3. But it sounds like you are saying unless there is foreign income nothing will change anyway. Is that right?

 

Thanks for the help,

Marria

if its all US source income the k-3 should be ignored because as you guessed nothing changes.